Developments in Association Law 2018-2019
A review of key legal developments for nonprofit organizations at the federal and state levels in 2018 and 2019. Antitrust enforcement continues against nonprofits....By: Pillsbury Winthrop Shaw...
View ArticleCongress Repeals “Nonprofit Parking Tax” and Simplifies Private Foundation...
Effective December 20, 2019, the "Taxpayer Certainty and Disaster Tax Relief Act of 2019" makes two legislative changes of special interest to tax-exempt organizations. Retroactive Repeal of Nonprofit...
View ArticleNew Jersey’s New Child Victims Act Expands Opportunity for Filing Abuse...
On December 1, 2019, New Jersey’s Child Victim’s Act went into effect. This new law opens a two-year “revival” period for individuals to assert civil claims of child abuse and to file claims against...
View ArticleGood Riddance to the Parking Tax and the Two-Tiered System for Calculating a...
On December 20, 2019 the President signed into law the Taxpayer Certainty and Disaster Tax Relief Act of 2019 (the "Act"). The Act retroactively repealed the controversial parking tax that was enacted...
View ArticleConnecticut Charitable Organizations May See A Reduction In Unrelated...
As part of the Tax Cuts and Jobs Act of 2017, the cost of providing certain transportation fringe benefits, including employer-provided parking, to employees of tax-exempt organizations became subject...
View ArticleTop considerations for structuring health care mergers and acquisitions
As a new year starts, health care organizations looking to grow or sell their businesses in the upcoming months will need to tackle the key question of which transaction structure is the best fit in...
View ArticleNew Law Repeals Parking Tax for Tax-Exempt Organizations
Good news for tax-exempt organizations! The “Further Consolidated Appropriations Act, 2020” (H.R. 1865 — 116th Congress (2019-2020)) (the “Act”) signed into law on December 20, 2019, retroactively...
View ArticleDecember 2019 Tax Act Provides Relief To Tax-Exempt Organizations: Repeals...
On December 20, 2019 the Taxpayer Certainty and Disaster Tax Relief Act of 2019 (2019 Disaster Act) was signed into law. This law was intended to address disaster relief and to provide technical...
View ArticleJustice in the Internet Age: Legal Access for Rural Americans
Thanks to advances in technology, the fight for equal access to justice has the potential of making enormous strides. A great example is the project Proskauer helped spearhead with the nonprofit Legal...
View ArticleAntitrust Alert: DOJ Challenges "Anticompetitive" Trade Association Rules for...
In December 2019, the Department of Justice Antitrust Division ("DOJ") settled charges that certain National Association for College Admission Counseling ("NACAC") rules governing college admissions...
View ArticleGAO Report Claims 340B Program Needs More Oversight of Hospitals
On January 10, 2020, the U.S. Government Accountability Office (GAO) issued a report claiming that the Health Resources and Services Administration (HRSA) does not use adequate controls to confirm the...
View ArticleAssociation Mergers: Timing Is Everything
When and how two associations combine in a merger depends a lot on circumstances at the beginning, middle, and end of the transaction. From leadership transitions to board meeting schedules to advocacy...
View ArticleSection 4940 Excise Tax Simplification
Section 4940 of the Code imposes an excise tax on the “net investment income” of private foundations. Historically, the excise tax was 2%, with an opportunity for reduction to 1% for a year in which...
View ArticleSEC Approves Amendments to FINRA’s New Issue Rules
The amendments expand certain exemptions and provide additional guidance under Rules 5130 and 5131 with respect to equity IPO allocations. On December 19, 2019, the Financial Industry Regulatory...
View ArticleCorporate Law & Goverance Update - January 2020
Given evolving Delaware law, understanding the difference between “risk oversight” and “risk management” is an increasingly important board task. In the Marchand and Clovis decisions, the Delaware...
View ArticleSimplification of the Net Investment Income Tax for Private Foundations
On December 20, 2019, President Trump signed into law changes to the private foundation excise tax on net investment income under Section 4940 of the Internal Revenue Code. For purposes of Section...
View ArticleIRS Instructs Nonprofits on How to Claim Parking Tax Refund
On December 20, 2019, Congress retroactively repealed Internal Revenue Code (IRC) Section 512(a)(7), which had increased unrelated business taxable income by amounts paid or incurred for qualified...
View ArticleIRS Issues Guidance on Filing Refund Claims Related to the Repeal of the...
The Internal Revenue Service posted informal guidance on its website to assist nonprofits claiming refunds for previously paid unrelated business income tax associated with the “parking tax” on...
View ArticleIRS Provides Guidance on Unrelated Business Income Tax Refunds
On Friday, December 20, 2019, President Trump signed into law government funding legislation for the 2020 fiscal year that includes a provision repealing Section 512(a)(7), commonly referred to as the...
View ArticleIRS Issues New Guidance for Virtual Currency Donations
The U.S. Internal Revenue Service (IRS) quietly added two new questions and answers regarding virtual currency donations to its answers to Frequently Asked Questions on Virtual Currency Transactions...
View Article